UPDATE: U.S. Bancorp Posts Upbeat Q1 Profit

U.S. Bancorp's quarterly net income rose to $1.3 billion, or $0.67 per share, versus $1.05 billion, or $0.52 per share, in the year-ago period. However, analysts were expecting earnings of $0.64 per share.

U.S. Bancorp's net interest income surged 8% to $2.7 billion. Its provision for loan losses declined 36% to $481 million.